The Australian dollar advanced against its major rivals in the Asian session on Monday, as Asian markets advanced, with China pacing the gains, amid optimism that the Chinese officials will ramp up infrastructure spending and speed up structural reforms at state-owned enterprises.

China's most elite Communist Party cadres - the country's top decision-makers - are gathering in Beijing this week for a four-day meeting in the run-up to a major party leadership reshuffle next year.

The sixth plenum that kicked off today focus primarily on "key issues concerning the comprehensive and strict management of the Party," the future of Chinese President Xi Jinping's hallmark anti-corruption campaign.

Investors brace for a wave of earnings and manufacturing reports from the U.S. this week for further clues on the direction of global monetary policy.

Key U.S. economic data this week include consumer confidence, new home sales, durable goods orders and third quarter GDP, which could shed more clues on the health of the economy.

The currency has been trading lower against most major rivals on Friday amid risk aversion, as ECB President Mario Draghi refrained from saying anything on QE extension and Fed voting member William Dudley reiterated that a rate hike is on the cards by the end of 2016.

The aussie spiked up to more than a 2-year high of 1.0178 against the loonie, from its previous low of 1.0133. Continuation of the aussie's uptrend may lead it to a resistance around the 1.03 zone.

The aussie bounced off to 0.7634 against the greenback and 1.4256 against the euro, reversing from its early lows of 0.7591 and 1.4318, respectively. The next possible resistance for the aussie is seen around 0.78 against the greenback and 1.40 against the euro.

The aussie came off from an early low of 78.88 against the yen, edging higher to 79.22. The aussie is seen finding resistance around the 82.00 mark.

Survey figures from IHS Markit showed Japan's manufacturing activity expanded at the fastest pace in nine months in October.

The Nikkei Flash Manufacturing Purchasing Managers' Index, or PMI, rose to 51.7 in October from 50.4 in September.

The aussie climbed to 1.0648 against the kiwi, off its previous low of 1.0613. Further uptrend may take the aussie to a resistance around the 1.08 region.

Looking ahead, Canada wholesale sales for August are set for release at 8:30 am ET.

At 9:00 am ET, the Federal Reserve Bank of New York President William Dudley will deliver opening remarks at the Federal Bank of New York Annual Conference.

Subsequently, Federal Reserve Bank of St. Louis President James Bullard speaks about the economy and monetary policy at the Association for University Business and Economic Research in Arkansas.

Markit's U.S. flash manufacturing PMI for October will be out at 9:45 am ET.

The Swiss National Bank Chairman Thomas Jordan speaks about monetary policy with negative interest rates at the University of Basel at 12:15 pm ET.

The Bank of Canada Governor Stephen Poloz, will testify along with Senior Deputy Governor Carolyn Wilkins before the House of Commons Standing Committee on Finance in Ottawa at 3:30 pm ET.

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